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Newgen Software IPO subscribed over 2 times

The initial public offer (IPO) of IT firm Newgen Software Technologies was fully subscribed by the afternoon trade, the final day of the offer.

The IPO, which aims to raise Rs 425 crore, received bids for 2.58 crore shares as against the total issue size of over 1.22 crore scrips, registering a subscription of 2.11 times, the NSE data till 1230 hrs showed.

The portion reserved for retail investors was subscribed nearly two times, while that for qualified institutional buyers (QIBs) witnessed a subscription of 10 per cent.

The company had raised over Rs 127 crore from anchor investors on Monday. The initial share-sale of Newgen Software opened on January 16 and closed on Thursday.

The IPO comprises fresh issue of shares worth up to Rs 95 crore by the company and an offer for sale of 13,453,932 equity shares by the existing shareholders.

The price band has been fixed at Rs 240-245 per share. At the upper end, the public issue would fetch Rs 425 crore.

Proceeds from the fresh issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes.

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